Stock index closes up 2.83%

The local stock barometer rallied to the 6,800 level in thin trade yesterday on a continued mix of bargain-hunting and window-dressing activities.

The main-share Philippine Stock Exchange index rose by 188.24 points or 2.83 percent to close at 6,846.44, tracking upbeat regional markets.

Investors also took their cue from the overnight rise in US stocks to nearly record highs.

Trading volume was scant at P3.45 billion as many investors were on a long holiday break.

There was a modest net foreign buying of P270 million.

All counters rose led by the holding firm sub-index which gained by over 3 percent as investors bet on improved prospects for 2017.

The industrial, services and property indices all rose by over 2 percent.

There were 119 advancers,  58 decliners and 47 stocks unchanged.

Ayala Land led the PSEi higher, gaining 5.14 percent. This was also the most actively traded stock for the day.

Large-cap stocks BDO, URC, SM Investments and Aboitiz Equity jumped by over 4 percent while Jollibee, PLDT and ICTSI rose by over 3 percent.

Metro Pacific Investments, SM Prime, GT Capital, JG Summit, BPI and Globe all gained over 1 percent.

To date, the PSEi is still trading lower than the end- 2015 level of 6,952.08. The index went down last year by 3.85 percent.

Thursday will mark the last stock trading day for the year as the market will pause for a long New Year turnover break.